the clock is ticking in the united states on the fiscal clififf, which you are very, ve concerned about. the expiration of the bush tax cuts, how do you view this playing out, and what are the implications for the market? >> you know, i think it is very important. last week, thee point when the investor attentition really stas to focus on this when it is in europe. so it is a big deal, the fiscal cliff, 4% of gdp, secondly, it would hit at a team when it is the consumer's week of the it represents a big danger to the ecomy, the challenge is it is not discounted into the price. in other words, wewe're all talking about it. i have met verfew investors who believe it will happen. and if we move to an environment where it is likely, it could create volatility in the market. >>> so how do you invest against that kind of back drop? where would you put money to work right now? >> i think there are a couple of things that investors can do. one thing is the people that have the flexibility, right no the options in the market, that islow. youu bu insurance for the portfolio that will hopefully mi